Millennials – those we’ve come to know as Generation Y – are those who were born between the early 1980s and the early 2000s.
And they’re buying homes.
According to NAR, they’re buying more homes than baby boomers are. So what does that mean to us?
KEEPING UP WITH MILLENNIALS
“Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby Boomers combined. Younger Boomers comprise 16 percent and Older Boomers comprise 15 percent of recent home buyers. Generation X made up 27 percent of recent buyers and the Silent Generation has the smallest share of home buyers at 10 percent,” according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends.
Millennials go to the Internet first. In fact, nearly all potential buyers, regardless of age, use the web to search for listings, research specific homes or learn more about the home-buying process.
That means you have to adjust your marketing strategies for 2016 to meet millennials’ expectations. This demographic spends an average of 25 hours per week online, and during that time, they’re inundated with ads, videos and clever memes.
MARKETING TO MILLENNIALS
According to HubSpot, authenticity is the way to go. Incorporating the newest language trends (think about Taco Bell’s Millennial Word of the Week, which works wonders for their marketing) and scaling back on outbound marketing – magazine ads, direct mail and radio spots – in favor of inbound marketing may be the right answer.
Millennials are 44 percent more likely to trust experts, and they’re 247 percent more likely to be influenced by blogs or social networking sites. They’ll also trust online reviews because they’re more likely to be authentic than paid advertising.
This is modern marketing – the days of sending out mailers and making unsolicited cold-calls are gone. Gen Y wants to be in control of the messages they receive, so our job as Realtors® is to attract them and empower them to get all the information we have to offer.
Gen Y comprises the largest share of home buyers at 32 percent @BenchmarkTN
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Phillip Cantrell
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